Real Estate Weekly: REITs Extend Rally To 7 Straight Weeks, Homebuilders Continue Surge
Everything is going right for real estate in 2019. REITs eked out another weekly gain, the seventh in a row, pushed into positive territory in the final minute of trading.
The broader equity indexes are no slouch either. The Dow has climbed for nine straight weeks, capping off the strongest start to a year in more than three decades.
Homebuilders jumped another 2% on the week, pushing their 2019 surge to more than 17%. The pullback in mortgage rates continues to fuel rising optimism across the sector.
Real estate technology was the strongest performing sector within the housing industry following strong results from Zillow. The firm pushed ahead on ambitious plans to offer multi-faceted housing services.
Housing data was mixed this week. Existing home sales came in shy of estimates, but homebuilder sentiment climbed for the second straight month as mortgage rates remain near 52-week lows.